Most people certainly road-test a car before parting with substantial amounts of cash. So, why, are so many companies carefree with their marketing budgets without knowing the impact on customers, employees or the bottom line?
From what we see one of the reasons is because digital marketing offers speed and relatively cheap channel/media costs so, rather than getting the message, targeting and proposition spot on first, companies can adopt a ‘fingers crossed’ attitude. The most common categories for testing are media, channels, pricing, message, offer, creative and data sets. Doing it well can increase your marketing effectiveness and marketing efficiency many-fold.
It really does pay to know if any of the above can help you refine your marketing test matrices: who you speak to, when, through which channel or multi-channels, with what creative message and which offer is going to convert to a sell, drive customer lifetime value and maximise your marketing return on investment (ROI). Good test planning and marketing analytics can produce huge marketing campaign uplifts.
For example, Anaylin worked on a project to maximise customer acquisition, where we tested price points as one-off giveaways versus spread across a contract period. From this, we were able to more tightly target the most attractive offers to the different customer segments that emerged. This increased the acquisition rate by 40% and the cost per acquisition x4
Contact Neal Rimay-Muranyi for more information on how we can help.